U.S. Stocks Fall Amid Cooling Jobs Market and Rate Cut Hopes

U.S. Stocks Fall Amid Cooling Jobs Market and Rate Cut Hopes

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financial markets with our expert speaker, Daniel Ang, by joining Everything Trading Daily Market Movements. Gain exclusive insights and stay ahead of market trends. --------------------------------------------------------------------------------------------------------- ▶️ Short-Term Nasdaq 100 Outlook – Thursday, December 7, 2023◀️ Short-Term Nasdaq 100 Outlook – Thursday, December 7, 2023 U.S. equity markets ended lower overnight, pulled lower by signs of a cooling jobs market which reinforced expectations that the Federal Reserve could start cutting interest rates early next year. The ADP National Employment report showed private payrolls increased by 103,000 jobs in November, below economists' expectation of 130,000. That provided fresh evidence of labor market weakness, a day after news of a drop in October job openings. Tomorrow, the more comprehensive non-farm payrolls report for November will offer greater clarity on the state of the labor market. Traders widely expect the Fed to hold rates steady at its meeting next week and potentially start cutting rates in March. While the Dow is poised to break into an all-time record high, the Nasdaq 100 appears to be the weakest link in the latest push higher in equity markets. This is in sharp contrast to the tech-led rally for a good part of this year’s massive rally. After all, the Nasdaq Composite had rallied some 35.16% so far this year compared to the Dow’s gains of 8.77% as of last night’s closing. The S&P 500 declined 0.39% to end at 4,549.34 points. The Nasdaq Composite Index fell 0.58% to 14,146.71, while the Dow Jones Industrial Average slid 0.19% to 36,054.43.